Normet has decided to implement Ignize’s Ignizer predictive analytics tool as it looks to increase visibility around customer financial health, the performance of installed products, and commodity price development and other macroeconomic conditions.
Based on advanced machine learning and artificial intelligence technology, Ignizer is a predictive analytics tool that uses historical business data from a wide range of sources to identify patterns and correlations between key indicators and business results. These learnings can then be applied to current and future business issues to help identify what the outcome is likely to be for different alternatives and initiatives, and what the potential levers that exist that impact these results, positively as well as negatively, the company said.
Ed Santamaria, CEO of Normet, said: “We conducted a serious internal stress test of the Ignizer decision intelligence platform before making this commitment. The mining industry is well known for its rapid shifts in business conditions, but together with Ignize we were able to create a model that predicted the impact of these fluctuations on our business by utilising external indicators and machine learning technology, in a way we have not been able to do in the past.
“With the Ignizer decision intelligence platform and its predictive analytics, we will improve our operations in at least three ways:
- “Track the right data so that we focus on the pre and post indicators that have the greatest impact on our business developments;
- “Use these observations to predict future business outcomes and develop possible contingency plans and/or business initiatives to capture these opportunities ahead of the competition; and
- “With the confidence that the decision intelligence model injects, test and evaluate the impact these developments provide and then act on this information to implement the ‘best fit’ option.”
Andreas Westling, CEO of Ignize, said: “We are of course extremely pleased to be chosen by Normet. We know from previous experience that the more curious, data-driven, and market-orientated a company is, the more they will benefit from advanced – but user-friendly – decision support tools like the Ignizer.”
The Ignize decision intelligence platform implementation at Normet will aggregate data feeds combining internal and external indicators such as customer financial health, the performance of installed products, and commodity price development and other macroeconomic conditions. These indicators are used to predict orders and sales volumes at both central and regional levels, as well as help set priorities and targets in the annual budget process and business performance review, Ignize said.